Rebounding AI stocks send the S&P 500 within 1% of its record

NEW YORK (AP) — A rebound for AI stocks sent indexes higher connected Wall Street. The S&P 500 roseate 0.7% Monday and is wrong 1% of its record, adjacent though the bulk of stocks wrong the scale fell. The spot for AI sent the Nasdaq composite up 1.1%, and the Dow Jones Industrial Average added 0.3%, reaching different record. Broadcom was 1 of the strongest forces lifting the marketplace aft falling much than 2% connected some Wednesday and Thursday. Treasury yields and lipid prices held comparatively steady. Indexes dipped modestly crossed overmuch of Europe and Asia extracurricular of a beardown summation for Hong Kong.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier communicative follows below.

NEW YORK (AP) — A rebound for AI stocks is sending indexes higher connected Wall Street Monday.

The S&P 500 roseate 0.7% and is backmost wrong 1% of its all-time high, adjacent though the bulk of stocks wrong the scale fell. The spot for companies successful the artificial-intelligence exertion manufacture had the Nasdaq composite 1.1% higher, arsenic of 1:30 p.m. Eastern time, and the Dow Jones Industrial Average was up 44 points, oregon 0.1%.

AI stocks person been swinging sharply successful caller weeks connected worries that their prices changeable excessively high. Doubts are rising astir whether each the dollars flowing into AI chips and information centers tin perchance make capable gains successful productivity and profits to marque backmost each the investments.

Broadcom roseate 4.3% and was the strongest unit lifting the S&P 500 aft announcing semipermanent agreements to supply silicon products to Apple. It's coming disconnected 2 consecutive losses of much than 2% connected Wednesday and Thursday astatine the extremity of past week, earlier the vacation for the Fourth of July.

The planetary appetite for AI from investors volition look an further trial aboriginal this week erstwhile SK Hynix, the South Korean shaper of machine memory, plans to rise $28 cardinal by selling shares of banal that volition commercialized successful the United States connected the Nasdaq. That would marque it 1 of the biggest U.S. offerings ever, down SpaceX’s IPO from past month, which raised $75 billion.

SK Hynix’s banal successful Seoul has already much than tripled truthful acold this twelvemonth due to the fact that of the AI boom, but its day-to-day swings person included crisp losses successful caller weeks. It fell 14.6% connected Thursday alone, for example.

SpaceX, which owns the xAI business, has seen its banal likewise plaything pursuing its ballyhooed archetypal nationalist offering. It erased an aboriginal summation to autumn 0.9% successful the past time of trading earlier it’s scheduled to articulation the Nasdaq 100 scale of the largest non-financial stocks connected the Nasdaq. That inclusion volition unit funds similar the QQQ exchange-traded fund, which mimic the index, to bargain SpaceX themselves.

Elsewhere successful AI, TeraWulf climbed 7.9% aft it said Anthropic agreed to a 20-year woody to usage its information halfway successful Kentucky. TeraWulf expects the woody to bring successful astir $19 cardinal successful revenue. TeraWulf is successful the midst of transitioning its concern distant from mining bitcoin and into high-performance computing.

In the lipid market, prices drifted aft OPEC+ announced Sunday that 7 of its members program to grow lipid accumulation by a combined full of 188,000 barrels per time successful August. It was the 5th consecutive period that OPEC+ members person agreed to rise output.

The terms of a tube of Brent crude, the planetary standard, fell 0.5% to $71.79. That’s adjacent to wherever it was earlier the United States and Israel attacked Iran successful precocious February and sent prices spiking.

In the enslaved market, Treasury yields held comparatively steady. The output connected the 10-year Treasury edged down to 4.48% from 4.49% precocious Thursday.

A study showed that maturation past period for U.S. recreation, concern and different services businesses was astir successful enactment with economists' expectations. The survey by the Institute for Supply Management said that immoderate businesses said they were seeing little prices for gasoline and diesel, easing inflationary pressures.

In banal markets abroad, indexes fell modestly crossed overmuch of Europe and Asia. Hong Kong’s Hang Seng was an outlier and roseate 1.1%.

___

AP Business Writers Yuri Kageyama and Matt Ott contributed to this report.

Copyright 2026 The Associated Press. All rights reserved. This worldly whitethorn not beryllium published, broadcast, rewritten oregon redistributed without permission.